The $225 million deal was slated to be priced at $1.25 a share, according to a presentation given to potential investors, while the first $125 million would be reserved for existing WAM investors (dubbed the Wilson Asset Management Family).
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Of course WAM’s no stranger to LIC and LITs. The firm already has 18 positions worth $147.7 million and trading at an average 14.3 per cent discount to their asset backing, the presentation said. It would make sense if some or all of those ended up inside WAR, given its strategic objectives.
Those positions include shares in the likes of high-profile LICs run by L1 Capital and VGI Partners, where WAM is already a shareholder, as well as smaller offerings from the likes of Naos Asset Management, Antipodes Partners, Spheria Asset Management and Thorney.
225 mil is a lot of FUM for such a fund IMO
I wonder if they would do an off-market transfer from WAM otherwise accumulating same LICs will make WAM/WAA the biggest beneficiaries of this listing.
GC1 Price at posting:
79.0¢ Sentiment: None Disclosure: Not Held
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